Company sees widespread adoption of its proprietary exit strategy software, increased demand for expertise as owners of mid-market companies struggle to sell their businesses

MESA, Ariz. [Business Wire] – B2B CFO®, nation’s largest CFO and business transitions services firm, today released a summary of its Partners expertise in exit strategy leadership, highlighting a rapidly expanding client roster for business transition work and widespread adoption of the firm’s proprietary exit strategy software. The summary, completed through a survey of the firm’s 233 Partners in April 2016, showcased expertise featuring 1,621 completed business transitions with more than $51 billion in sales value. With an average of seven business transitions per partner, B2B CFO® has moved into a leadership position as the largest source of mid-market business transition experts in the nation.

“Reaching this milestone affirms our leadership role in mid-market business transitions,” said Jerry L. Mills, CEO and Founder of B2B CFO®. “Our Partners bring unparalleled expertise and talent to guide business owners going through a sale or acquisition, which typically is an extremely turbulent time in their lives. Combined with the tools, technology and resources that we have created specifically for exit work over the last three years, it is no surprise to me that more and more owners are turning to our Partners for strategic solutions.”

B2B CFO® added its exit services to complement its CFO services portfolio in 2013. Since then, the firm has published guidebooks, certification programs and even created proprietary software to assist business owners of privately-held, small and mid-market companies in the sale of their businesses. The firm’s Partners are noting an increase in exit strategy engagement work.

“We have dedicated ourselves and our resources to meet the growing demand of business owners who are ready to transition from their companies,” added Mills. “While we still continue to provide strategic CFO services, providing leadership in business transition was a natural fit for our Partners and their existing experience, measured in this survey, proves it. We currently have 233 Partners across 46 states. This group is the only one in the nation that can make the claim of having completed 1,621 business transitions with a sales value in excess of $51 billion. I’m so proud of our 233 partners and the value they bring to the table, and I know that business owners will benefit tremendously from our experience.”

This study of the 1,621 sales and acquisitions reflects the many options when transitioning out of a business, including Strategic, Financial, Private Equity Group, Management Buyout, ESOP and other choices.

Business owners need to understand that they have multiple choices with a business transition. They should consider gaining knowledge on each and every one of these options. Each option has both positives and negatives. Each option will have different financial and non-financial consequences to the business owner. It is paramount that they gain knowledge on each potential type of buyer in order to understand consequences to them in a possible future transaction.

The largest type of buyer with these 1,621 transactions was a Strategic Buyer (63%). According to Mills, this is very revealing as typically, a Strategic Buyer offers the largest multiple in a transaction. This usually means they pay more for a transaction that the other categories of buyer since strategic buyers sometimes buy the expertise of a company. Mills continued: “I had that happen to me a few years ago. I had a client in Tempe who created a specialized software product. It was the best in the world in its class. My client sold his company to a Strategic Buyer who needed my client’s software to enhance their product. The company who purchased my client ended up selling their company to a Strategic Buyer who wanted all of the software of both companies.”

Below are other key reasons Strategic Buyers will buy a company and may pay more than other types of buyers.

Market Share – It is sometimes easier for a Strategic Buyer to increase their market share by purchasing a company. Most growth companies are interested in increasing market share. They often do extensive financial analysis and find it costs less money and time to purchase a company to increase market share.

Competition – Strategic Buyers sometimes purchase a company solely for the purpose of keeping that company away from a competitor that might also be interested in increasing their market share.

Customers – Strategic Buyers often find it easier to buy a company just to get their customers. This happens when the owner of a company has very good relationships with its customers and the Strategic Buyer knows the only way to get to those customers is through a purchase of the company who has those customers.

But B2B CFO® is not the only company seeing business sales on the rise. B2B CFO®’s survey is complimented by BizBuySell’s First Quarter 2016 Insight Report shows highest number of small businesses listed for sale since 2009.

San Francisco-based BizBuySell reported that the median revenue and median cash flow of small businesses sold in the first quarter of 2016 reached their highest levels since the largest business-for-sale marketplace first started tracking data in 2007. This is notable as the increased financials are resulting in higher sale prices for small businesses. The full results are included in BizBuySell’s Q1 2016 Insight Report, which aggregates statistics from business-for-sale transactions reported by participating business brokers nationwide.

“We’ve entered a time when thousands of baby boomers are going to want to sell their businesses,” added Mills who has been predicting the “Baby Boomer Tsunami” since 2013. “I’m proud to say that B2B CFO® is on the forefront of providing strategic solutions that will help these business owners through this time.”

Company sees widespread adoption of its proprietary exit strategy software, increased demand for expertise as owners of mid-market companies struggle to sell their businesses

MESA, Ariz. [Business Wire] – B2B CFO®, nation’s largest CFO and business transitions services firm, today released a summary of its Partners expertise in exit strategy leadership, highlighting a rapidly expanding client roster for business transition work and widespread adoption of the firm’s proprietary exit strategy software. The summary, completed through a survey of the firm’s 233 Partners in April 2016, showcased expertise featuring 1,621 completed business transitions with more than $51 billion in sales value. With an average of seven business transitions per partner, B2B CFO® has moved into a leadership position as the largest source of mid-market business transition experts in the nation.

“Reaching this milestone affirms our leadership role in mid-market business transitions,” said Jerry L. Mills, CEO and Founder of B2B CFO®. “Our Partners bring unparalleled expertise and talent to guide business owners going through a sale or acquisition, which typically is an extremely turbulent time in their lives. Combined with the tools, technology and resources that we have created specifically for exit work over the last three years, it is no surprise to me that more and more owners are turning to our Partners for strategic solutions.”

B2B CFO® added its exit services to complement its CFO services portfolio in 2013. Since then, the firm has published guidebooks, certification programs and even created proprietary software to assist business owners of privately-held, small and mid-market companies in the sale of their businesses. The firm’s Partners are noting an increase in exit strategy engagement work.

“We have dedicated ourselves and our resources to meet the growing demand of business owners who are ready to transition from their companies,” added Mills. “While we still continue to provide strategic CFO services, providing leadership in business transition was a natural fit for our Partners and their existing experience, measured in this survey, proves it. We currently have 233 Partners across 46 states. This group is the only one in the nation that can make the claim of having completed 1,621 business transitions with a sales value in excess of $51 billion. I’m so proud of our 233 partners and the value they bring to the table, and I know that business owners will benefit tremendously from our experience.”

This study of the 1,621 sales and acquisitions reflects the many options when transitioning out of a business, including Strategic, Financial, Private Equity Group, Management Buyout, ESOP and other choices.

Business owners need to understand that they have multiple choices with a business transition. They should consider gaining knowledge on each and every one of these options. Each option has both positives and negatives. Each option will have different financial and non-financial consequences to the business owner. It is paramount that they gain knowledge on each potential type of buyer in order to understand consequences to them in a possible future transaction.

The largest type of buyer with these 1,621 transactions was a Strategic Buyer (63%). According to Mills, this is very revealing as typically, a Strategic Buyer offers the largest multiple in a transaction. This usually means they pay more for a transaction that the other categories of buyer since strategic buyers sometimes buy the expertise of a company. Mills continued: “I had that happen to me a few years ago. I had a client in Tempe who created a specialized software product. It was the best in the world in its class. My client sold his company to a Strategic Buyer who needed my client’s software to enhance their product. The company who purchased my client ended up selling their company to a Strategic Buyer who wanted all of the software of both companies.”

Below are other key reasons Strategic Buyers will buy a company and may pay more than other types of buyers.

Market Share – It is sometimes easier for a Strategic Buyer to increase their market share by purchasing a company. Most growth companies are interested in increasing market share. They often do extensive financial analysis and find it costs less money and time to purchase a company to increase market share.

Competition – Strategic Buyers sometimes purchase a company solely for the purpose of keeping that company away from a competitor that might also be interested in increasing their market share.

Customers – Strategic Buyers often find it easier to buy a company just to get their customers. This happens when the owner of a company has very good relationships with its customers and the Strategic Buyer knows the only way to get to those customers is through a purchase of the company who has those customers.

But B2B CFO® is not the only company seeing business sales on the rise. B2B CFO®’s survey is complimented by BizBuySell’s First Quarter 2016 Insight Report shows highest number of small businesses listed for sale since 2009.

San Francisco-based BizBuySell reported that the median revenue and median cash flow of small businesses sold in the first quarter of 2016 reached their highest levels since the largest business-for-sale marketplace first started tracking data in 2007. This is notable as the increased financials are resulting in higher sale prices for small businesses. The full results are included in BizBuySell’s Q1 2016 Insight Report, which aggregates statistics from business-for-sale transactions reported by participating business brokers nationwide.

“We’ve entered a time when thousands of baby boomers are going to want to sell their businesses,” added Mills who has been predicting the “Baby Boomer Tsunami” since 2013. “I’m proud to say that B2B CFO® is on the forefront of providing strategic solutions that will help these business owners through this time.”

Company sees widespread adoption of its proprietary exit strategy software, increased demand for expertise as owners of mid-market companies struggle to sell their businesses

B2B CFO, nation’s largest CFO and business transitions services firm, today released a summary of its Partners expertise in exit strategy leadership, highlighting a rapidly expanding client roster for business transition work and widespread adoption of the firm’s proprietary exit strategy software. The summary, completed through a survey of the firm’s 233 Partners in April 2016, showcased expertise featuring 1,621 completed business transitions with more than $51 billion in sales value. With an average of seven business transitions per partner, B2B CFO has moved into a leadership position as the largest source of mid-market business transition experts in the nation.

“Reaching this milestone affirms our leadership role in mid-market business transitions,” said Jerry L. Mills, CEO and Founder of B2B CFO. “Our Partners bring unparalleled expertise and talent to guide business owners going through a sale or acquisition, which typically is an extremely turbulent time in their lives. Combined with the tools, technology and resources that we have created specifically for exit work over the last three years, it is no surprise to me that more and more owners are turning to our Partners for strategic solutions.”

B2B CFO added its exit services to complement its CFO services portfolio in 2013. Since then, the firm has published guidebooks, certification programs and even created proprietary software to assist business owners of privately-held, small and mid-market companies in the sale of their businesses. The firm’s Partners are noting an increase in exit strategy engagement work.

“We have dedicated ourselves and our resources to meet the growing demand of business owners who are ready to transition from their companies,” added Mills. “While we still continue to provide strategic CFO services, providing leadership in business transition was a natural fit for our Partners and their existing experience, measured in this survey, proves it. We currently have 233 Partners across 46 states. This group is the only one in the nation that can make the claim of having completed 1,621 business transitions with a sales value in excess of $51 billion. I’m so proud of our 233 partners and the value they bring to the table, and I know that business owners will benefit tremendously from our experience.”

This study of the 1,621 sales and acquisitions reflects the many options when transitioning out of a business, including Strategic, Financial, Private Equity Group, Management Buyout, ESOP and other choices.

Business owners need to understand that they have multiple choices with a business transition. They should consider gaining knowledge on each and every one of these options. Each option has both positives and negatives. Each option will have different financial and non-financial consequences to the business owner. It is paramount that they gain knowledge on each potential type of buyer in order to understand consequences to them in a possible future transaction.

The largest type of buyer with these 1,621 transactions was a Strategic Buyer (63%). According to Mills, this is very revealing as typically, a Strategic Buyer offers the largest multiple in a transaction. This usually means they pay more for a transaction that the other categories of buyer since strategic buyers sometimes buy the expertise of a company. Mills continued: “I had that happen to me a few years ago. I had a client in Tempe who created a specialized software product. It was the best in the world in its class. My client sold his company to a Strategic Buyer who needed my client’s software to enhance their product. The company who purchased my client ended up selling their company to a Strategic Buyer who wanted all of the software of both companies.”

Below are other key reasons Strategic Buyers will buy a company and may pay more than other types of buyers.

Market Share – It is sometimes easier for a Strategic Buyer to increase their market share by purchasing a company. Most growth companies are interested in increasing market share. They often do extensive financial analysis and find it costs less money and time to purchase a company to increase market share.

Competition – Strategic Buyers sometimes purchase a company solely for the purpose of keeping that company away from a competitor that might also be interested in increasing their market share.

Customers – Strategic Buyers often find it easier to buy a company just to get their customers. This happens when the owner of a company has very good relationships with its customers and the Strategic Buyer knows the only way to get to those customers is through a purchase of the company who has those customers.

But B2B CFO is not the only company seeing business sales on the rise. B2B CFO’s survey is complimented by BizBuySell’s First Quarter 2016 Insight Report shows highest number of small businesses listed for sale since 2009.

San Francisco-based BizBuySell reported that the median revenue and median cash flow of small businesses sold in the first quarter of 2016 reached their highest levels since the largest business-for-sale marketplace first started tracking data in 2007. This is notable as the increased financials are resulting in higher sale prices for small businesses. The full results are included in BizBuySell’s Q1 2016 Insight Report, which aggregates statistics from business-for-sale transactions reported by participating business brokers nationwide.

“We’ve entered a time when thousands of baby boomers are going to want to sell their businesses,” added Mills who has been predicting the “Baby Boomer Tsunami” since 2013. “I’m proud to say that B2B CFO is on the forefront of providing strategic solutions that will help these business owners through this time.”

]]>https://www.sandiegob2bcfo.com/b2b-cfo-extends-leadership-position-in-mid-market-business-transitions/feed/0When Should an Entrepreneur Hire a CFO?https://www.sandiegob2bcfo.com/when-should-an-entrepreneur-hire-a-cfo/
https://www.sandiegob2bcfo.com/when-should-an-entrepreneur-hire-a-cfo/#respondTue, 28 Apr 2015 00:00:00 +0000http://sandiego.b2bmulti.wpengine.com/when-should-an-entrepreneur-hire-a-cfo/When Should an Entrepreneur Hire a CFO? December 9, 2011 By Kimberly Danek From Entrepreneurweek.com Not every small business or company requires the services for a Chief Finance Officer or CFO, and as such, it is important that an entrepreneur knows the right time to hire one. To hire or not to hire a full-time... Read more »

Not every small business or company requires the services for a Chief Finance Officer or CFO, and as such, it is important that an entrepreneur knows the right time to hire one. To hire or not to hire a full-time CFO is dependent on many factors.

In general, entrepreneurs in a startup company outsource accounting services from other companies. These companies provide services often limited to taxes, and if a small business has employees, they also do payroll as well. However, as a small business grows, its financial reporting needs become more complicated. When this happens, an entrepreneur may decide to hire a full-time employee to handle the company’s finances i.e. bank accounts and accounting ledgers. Often, the decision to hire a chief finance officer goes beyond accounting and taxes and is usually based on a company’s need for a financial strategy such as conducting market analysis, obtaining credit and sourcing capital.

Typical responsibilities of a CFO involve financial analysis, budgeting and accounting. A CFO may also perform duties associated with handling insurance, real estate, receivables, banking and legal issues. One of the telltale signs that a company is in need of a financial chief is when the Chief Executive Officer or CEO is unable to focus on important activities that generate revenues because he is handling the financial aspect of the business. A competent CFO can give a significant amount of support in organizing finances and tracking performance. He can also prevent a startup company from facing problems associated with growth. He has strategic involvement on matters such as debt and equity, and on how to sustain the company’s present and future growth.

When a Company has Enough Revenue to Justify Salary Expense of a CFO

Regardless of the size, any company can benefit from the services of a CFO; it is just a matter of having the funds to pay for a CFO’s six-figure salary. A CFO’s salary is affordable to companies who earn higher revenues. This is one of the reasons the necessity to hire a CFO does not usually happen until a business starts earning $10 to $20 million in revenue. Companies who do not have enough money to pay a full-time CFO can consider hiring a consultant part time.

When Dealing with Investors is a Necessity

Small businesses in the threshold of growth have to eventually decide to seek investors to bring in capital. These companies need the assistance of a CFO to liaise with the investors and keep them up-to-date with the financial standing of the company. CFOs are often viewed by equity firms as the go-to person for information on how the business is performing. As such, he has to have an excellent understanding of the business operations, and he should be able to communicate information excellently, both in words and in writing.

Part of a CFO’s function is in forecasting performance, which is critical for companies who plan on pursuing IPO or initial public offering as a means to raise funds. Before a company goes public, it is critical that the control systems and reporting will meet the standards. Another function of a CFO is to establish relationships with investment analysts and bankers.

When Planning on an Acquisition or on Being Acquired

A finance officer is valuable to companies who are planning to engage in an acquisition. A CFO is often tasked to evaluate the market for potential acquisitions or acquirers and to see to it that the company’s financial records are ready to go through a due diligence process. He is also critical in administering the acquisition process, and seeing it through from the beginning to the end, from dealing with the CFO of the other company to interacting with the mergers and acquisitions team.

Kimberly is a researcher, writer, business woman, and contributor at entrepreneurweek.com blog network. She may be reached at eweekcomauthor@gmail.com

]]>When was the last time your business had a check-up by someone outside your internal organization?

1. Do your bankers and lenders trust your internal financial statements?
2. Are your internal financial statements prepared without errors?
3. Does your internal accounting staff understand your financial statements from an accounting, income tax, business and industry perspective?
4. Are the internal financial statements issued in a timely manner each month?
5. Do you receive monthly reporting on the amount you will owe the IRS?
6. Do you receive accurate internal cash flow projections?
7. Are you convinced your company does not have internal or external theft of cash or other assets?

Do any of the questions above make you nervous or raise your anxiety level?

Perhaps it’s time to contact a B2B CFO® to discuss your areas of concern. We have a proven success track record since 1987.

]]>https://www.sandiegob2bcfo.com/business-check-up-is-it-time/feed/0Inventory – The Big Cash Drain – Asset or Liability?https://www.sandiegob2bcfo.com/inventory-the-big-cash-drain-asset-or-liability/
https://www.sandiegob2bcfo.com/inventory-the-big-cash-drain-asset-or-liability/#respondTue, 03 Mar 2015 00:00:00 +0000http://sandiego.b2bmulti.wpengine.com/inventory-the-big-cash-drain-asset-or-liability/When working with new clients and/or prospects that sell or carry inventory, I always ask the owner(s) how quickly their inventory turns. Without hesitation, most reply 6 to 8 times per year. Then I ask them how they calculated or arrived at that number. The universal answer is “I just know”. Maybe correct or more... Read more »

]]>When working with new clients and/or prospects that sell or carry inventory, I always ask the owner(s) how quickly their inventory turns. Without hesitation, most reply 6 to 8 times per year. Then I ask them how they calculated or arrived at that number. The universal answer is “I just know”. Maybe correct or more likely, probably not. I believe most of them are simply calculating their annual sales and simply dividing by their average inventory. For example, if they sell $6 million a year and their inventory balance is $1 million, they will say their inventory turns 6 times a year. Okay, that would be correct if inventory was carried at sales price, but inventory is carried at cost on the balance sheet, which assuming a 50% gross profit margin in this example, inventory would only be turning 3 times per year. (Please see actual formula for calculating Days Sales in Inventory below). Therefore, instead of having 60 days worth of sales in inventory on hand (360 days/6), they actually have 120 days worth of inventory on hand. No wonder most small to medium size companies are strapped for cash. I believe most of them don’t realize the tremendous cash flow repercussions of having too much inventory on hand.

Granted, most of us have been taught from day one in our accounting and finance classes that inventory is an asset. After all, it is classified on the balance sheet as a current asset, unless of course it doesn’t turn within a traditional annual business cycle, which then would require it to be classified as long term. In accounting humor, we refer to long-term inventory as FISH (First-In, Still-Here).

Let me challenge the status quo and current way of thinking and suggest that we start viewing inventory like a liability. Why? Well, were all too familiar now with terms like “Toxic Assets”, “Troubled Assets”, “Impaired Assets” and inventory often falls into this category. Why, because inventory can become obsolete, it can lose its value and it is highly susceptible to shrinkage (i.e. theft). Doesn’t it seem odd to hear terms like Toxic Assets, boy that’s an oxymoron if I ever heard one, right on par with “Jumbo Shrimp”. Inventory can become a Toxic Asset or Troubled Asset very quickly. There is nothing worse for your working capital position than having a large asset go bad. Inventory can be downright toxic if it isn’t planned and managed properly. Ever wonder why banks hesitate to lend against inventory. They simply don’t think they can recover enough cash value in the case of liquidation.

I think the underlying moral of this story is, don’t fall in love with your inventory and think that you have a great asset on your books. Remember this sage piece of advice when managing cash and working capital “it isn’t what you sell, rather it’s what you buy, particularly how much and how often”.

As a B2B CFO®, I am experienced and skilled in helping companies analyze their optimum inventory and working capital components in order to maximize cash flow. If you are concerned with your current ratio, quick ratio, inventory turns and/or lack of cash flow, take a look at your inventory levels. Better yet, contact me and I can assist you in your analysis.

At B2B CFO® we genuinely care about our client’s success and we want each and every one of our clients to realize their dreams.

As small business transactions reach record high levels, new certification allows B2B CFO Partners to guide business owners through sale process

MESA, Ariz., Dec 18, 2014 (BUSINESS WIRE) — Small business sales increased again this year, giving strong validation to a trend that B2B CFO Partners have closely followed. B2B CFO, the largest CFO services firm in the nation, has been on the forefront of the exit strategy developments, monitoring the pace of the market and creating resources for business owners. In addition to publishing an exit strategy guidebook and developing a proprietary software platform that helps owners understand and examine the sales process, B2B CFO also introduced a new certification program specifically designed to prepare the firm’s Partners for guiding business owners through the complex issues of selling their companies.

Today, B2B CFO is proud to announce that currently 121 out of the firm’s 211 Partners have passed the strenuous exam and earned the Certified Business Transition Expert designation. The new designation allows B2B CFO Partners to help business owners prepare for and execute their business transitions. Business transitions range from a sale to a third party, an Employee Stock Ownership Plan (ESOP), or to a family member and are typically the single largest event in an owner’s business life.

“A deep understanding and knowledge of the complex dynamics involved in a sale of a business is a critical element for success in today’s economy,” said Jerry L. Mills, founder and CEO of B2B CFO. “We have worked extremely hard to build this certification program for our Partners. We have brought in experts and outside industry specialists to ensure that we addressed all issues that arise during a business transition. The B2B CFO Partners who carry this credential hold the key to closing the gap in a successful transition. I applaud each B2B CFO Partner who has earned this designation. They have demonstrated giving priority to an incredible business potential and shown their relevance and readiness to the marketplace.”

Small business transactions are up by 18 percent and transaction levels are on track for a record-breaking year, according to a recent BizBuySell.com report. BizBuySell’s quarterly reports are nationally-recognized economic indicators that track the health of the U.S. small business economy. Each quarter, BizBuySell analyzes sales and listing prices of small businesses across the United States based on approximately 45,000 businesses for sale and those recently sold. The BizBuySell Insight Reports focus on over 70 major U.S. markets and publish local, regional, state and national data for trending and analysis.

BizBuySell reported a total of 1,987 closed transactions in the third quarter this year, representing both a 17.9 percent increase from last year and the highest number of small business sales recorded in a third quarter since BizBuySell began tracking data in 2007. In fact, this quarter’s numbers slipped just 2.1 percent from the second quarter of 2014, which remains the most active quarter for small business sales since before the recession. It also keeps 2014 on pace to record the highest number of small business transactions since the report’s inception.

Group General Manager of BizBuySell.com and BizQuest.com Bob House discussed the trends revealed by the Insight Reports stating: “After seeing a return to robust transaction activity during 2013, it’s good to see that we have not plateaued and both buyers and sellers are still eager to make deals happen. There remains a strong supply of quality small businesses on the market. As the economy and financing options continue to improve, buyers remain very interested in acquiring small businesses.”

“With baby boomers preparing for retirement it is no surprise that small business sales continue to surge,” added Mills. “Baby boomers are retiring at a rate of approximately 10,000 per day. That means by 2030, 72.8 million boomers will have left the workforce – and many of them are business owners.”

Mills has received national recognition for his predictions of the “Baby Boomer Tsunami,” a trend he anticipates will drive the business sales into a record breaking frenzy. Named as a Thought Leader by the AM&AA and Champion among the 100 Small Business Influencers, B2B CFO is continuing to push the envelope by dedicating talent and resources to educating the public about exit strategies and business transitions. With the firm’s Partners carrying the new designation, B2B CFO is uniquely poised to connect people and data in ways that can rapidly accelerate business outcomes.

Founded in 1987 by Jerry Mills, B2B CFO® is the fastest growing nationwide CFO and Exit Strategy services company today. The firm provides need-based services to private, closely-held, small and mid-sized businesses. Headquartered in Phoenix, B2B CFO has nationwide presence with CFO Partners in most major markets across the U.S. The Partners specialize in providing senior-level executive services to growing companies who need assistance in finding solutions to their business challenges.

Each B2B CFO Partner is a senior-level executive averaging 25-30 years of experience. For more information, please visit www.B2BCFO.com and www.B2BExit.com

]]>https://www.sandiegob2bcfo.com/b2b-cfos-certified-business-transition-expert-designation-closes-gap-successful-business-sales/feed/0Why The Competition Isn’t Your Business Enemyhttps://www.sandiegob2bcfo.com/why-the-competition-isnt-your-business-enemy-2/
https://www.sandiegob2bcfo.com/why-the-competition-isnt-your-business-enemy-2/#respondThu, 30 Jan 2014 00:00:00 +0000http://sandiego.b2bmulti.wpengine.com/why-the-competition-isnt-your-business-enemy-2/The author is an Entrepreneur contributor. The opinions expressed are those of the writer. About the Author: Jim Joseph is the North American president of New York-based communications agency Cohn & Wolfe, part of the media company WPP Group PLC. He is the author of three books, including the latest, The Personal Experience Effect (Happy About 2013). Joseph also... Read more »

]]>The author is an Entrepreneur contributor. The opinions expressed are those of the writer.

About the Author:Jim Joseph is the North American president of New York-based communications agency Cohn & Wolfe, part of the media company WPP Group PLC. He is the author of three books, including the latest, The Personal Experience Effect (Happy About 2013). Joseph also teaches marketing at New York University and blogs at JimJosephExp.com.

I’ve heard many people say that in business you should focus your energy on beating an “enemy.” The notion is that if you concentrate on beating out your closest competitor, you will one-up them each and every time and “win.”

Ouch. This makes me wince. I’d much rather focus on my customers and what they need and want from me — constantly striving to do better and better. I don’t need the motivation of beating someone else. My happiness comes from generating a love for my brand that instills incredible customer loyalty. That’s how I win.

But you can only do that if you continually keep an open and active relationship with your customers, better than they can get anywhere else. You need to keep your brand alive and fresh in their minds, so that they don’t turn to your competitors.

Think about the brands surrounding your life. You’re probably loyal to a short list of brands that get you through your day. I can think of a handful I interact with each morning. I can’t imagine life without them. They have my loyalty because they focus on what I need. And those great brands never acknowledge their competitors because they know I wouldn’t care to hear about it.

I’m not advocating that you should ignore your competition by any means. You have to stay on top of what others in your category or industry are doing and benchmark against them. Keep a competitive spirit, but place your energy and time on customer satisfaction.

If you’re looking for an enemy, make it mediocrity, complacency and apathy. Push back when others say, “We tried that before,” or when you’re confronted with someone telling you — “that will never work.” That’s your enemy, and it can easily be beat with a passion and commitment to your customers.

On November 6, California voters approved propositions that:
• Temporarily increase personal income and sales and use tax rates;
• Mandate the previously optional single-sales factor apportionment formula for corporate income tax; and
• Approved a new gross receipts tax for the City of San Francisco, to take effect in tax year 2014.
Note that these changes are expected to impact a significant number of individual and business taxpayers in California.

Issue:

Personal Income Tax Rates:
California personal income tax rates are increasing for individual taxpayers with California taxable income of more than $250,000 per year – and the tax rate increase is retroactive to January 1, 2012. The law waives the underpayment of estimated tax penalty that results from the retroactive tax law change, provided that the taxpayer pays his or her tax liability in full by April 15, 2013. The personal income tax rate increases expire after the 2018 tax year.

The current rate of 9.3% (10.3% for taxable incomes over $1 million) will be increased as follows:

The proposition also increases the sales and use tax rate from 7.25% to 7.5% effective January 1, 2013. This increase will expire after four years.

Corporate Apportionment:

While business taxpayers were previously permitted to elect single-sales factor apportionment or use the standard double-weighted sales factor apportionment formula, the proposition requires the use of a single-sales factor apportionment formula, effective for tax years beginning on or after January 1, 2013. The new law also requires market-based sourcing for sales other than sales of tangible personal property.

New Gross Receipts Tax:

San Francisco voters approved Proposition E which phases out the city’s existing 1.5% payroll tax in favor of a gross receipts tax. The gross receipts tax will apply to businesses operating in San Francisco that have gross receipts of at least $1,000,000, with a graduated tax rate based on the amount of a business’ gross receipts. The tax will be phased-in over a five-year period beginning in 2014, with the payroll tax phased-out over the same five-year period.

]]>https://www.sandiegob2bcfo.com/california-significant-tax-changes-recently-enacted/feed/0Morgan Stanley Smith Barney Announces Alliance with B2B CFO®https://www.sandiegob2bcfo.com/morgan-stanley-smith-barney-announces-alliance-with-b2b-cfo/
https://www.sandiegob2bcfo.com/morgan-stanley-smith-barney-announces-alliance-with-b2b-cfo/#respondTue, 01 Oct 2013 00:00:00 +0000http://sandiego.b2bmulti.wpengine.com/morgan-stanley-smith-barney-announces-alliance-with-b2b-cfo/Professional alliance offers more holistic approach for business owners Morgan Stanley Smith Barney has announced a new national alliance with B2B CFO®, the largest CFO services firm in the United States. This agreement provides an innovative blueprint for a coordinated effort to meet both the corporate and personal wealth management needs of privately held businesses... Read more »

]]>Professional alliance offers more holistic approach for business owners

Morgan Stanley Smith Barney has announced a new national alliance with B2B CFO®, the largest CFO services firm in the United States. This agreement provides an innovative blueprint for a coordinated effort to meet both the corporate and personal wealth management needs of privately held businesses and their owners.

The relationship, formalized through Morgan Stanley Smith Barney’s Professional Alliance Group, allows B2B CFO® to refer clients to Morgan Stanley Smith Barney and is the exclusive alliance of its kind for B2B CFO®, which offers chief financial officer services to companies across the country. The firm has 216 Partners in 45 states, and advises more than 800 clients across North America. Additionally, B2B CFO® has been recognized as one of the Inc. 500/5000 fastest growing companies for the last three years.

Through this relationship, clients referred by B2B CFO® may access not only the wealth management expertise of Morgan Stanley Smith Barney financial advisors, but also a more integrated and coordinated approach to their finances and investments. The comprehensive approach of Morgan Stanley Smith Barney financial advisors covers a wide array of financial considerations of a business owner and is closely aligned with the business-specific financial guidance provided to clients by B2B CFO®.

“This is an important professional alliance for Morgan Stanley Smith Barney,” said Michael Brunner, Senior Vice President and Financial Advisor in Morgan Stanley Smith Barney’s downtown Houston office. “This concept has the potential to provide a paradigm shift in the way privately held business owners manage their finances. Instead of the traditional ‘siloed’ approach that involves multiple advisors, business owners now have the ability to apply a comprehensive strategy to help reach their financial goals for both their family and business.”

Stephen Fox, Professional Alliance Group Director in Morgan Stanley Smith Barney’s Troy, Michigan office notes, “We are eager to work together with a company like B2B CFO®. This is an excellent opportunity for Morgan Stanley Smith Barney to provide wealth management services that will complement and enhance the advice and counsel that is provided by B2B CFO® advisors.”

The alliance combines the global resources of Morgan Stanley Smith Barney with the experience of B2B CFO®.

“B2B CFO® is excited about this professional alliance because of the added value it will bring to our clients,” said B2B CFO® Founder and Chief Executive Officer Jerry L. Mills. “As one of the world’s largest investment firms, Morgan Stanley Smith Barney offers our clients access to world-class investment and wealth management consultation, and it also allows our clients increased access to capital, which is a priority for all business owners.”

About B2B CFO®
Headquartered in Phoenix, Ariz., the firm was founded in 1987 by Jerry L. Mills who pioneered the “1099 CFO” concept. Today, B2B CFO is the nation’s largest CFO services firm serving entrepreneurial, growth and mid-market companies. The firm’s partners have an average of 25 years of experience and each individual partner is a senior level executive with a broad range of expertise. The partners help businesses grow through a proven six step process called “The Gameplan.”